• Bitcoin price again above the February high of $58,367.
  • Coibase’s direct listing anticipated to be supportive of Bitcoin.
  • IOMAP data shows abundant support below the current price.

Outside of the March blip, Bitcoin price has failed to convincingly get above the February high at $58,367, creating a mix of anticipation and restlessness among speculators and media titans. The last three days’ price action has voided the head-and-shoulders top alternative and puts the attention back again on the rising wedge thesis.

Bitcoin price consolidation falsely maintaining proponents high expectations  

The IntoTheBlock In/Out of the Money Around Price (IOMAP) data shows virtually no resistance between $60,026 and $60,327. On the other hand, the data reveals notable support between $56,406 and $59,965, with 3.9 million addresses buying 1,370.60k BTC. A range that includes the lower trend line of the rising wedge.

BTC IOMAP chart

BTC IOMAP chart

There has been no limit to the announcements over the last two months, adding legitimacy to BTC. Still, the burgeoning enthusiasm has not budged the price, raising the possibility that the tremendous advance since last year has priced in the good news. Moreover, the hype has not arrested the slow decline in search interest on Google.

Source: Google Trends

Source: Google Trends

Since the February high, the unfolding BTC price structure looks more like a rising wedge pattern with one more touch of the upper trend line needed to complete the pattern. It would represent a new marginal high for the flagship cryptocurrency near $67,300 and a test of the 361.8% Fibonacci extension of the 2017-2018 bear market. 

Support should begin with the February high at $58,367, followed closely by the wedge’s lower trend line at $57,100 and the 50-day simple moving average (SMA) at $54,807. 

The incremental support continues to the March low at $50,305 and then the 100-day SMA at $47,157, before a final test of the February low at $43,016.

BTC/USD daily chart

BTC/USD daily chart

It is also possible that the complex top ends up being a complex correction, and BTC slashes through the wedge’s upper trendline. The first significant resistance will be the 461.8% extension of the 2017-2018 bear market at $80,540. No more major resistance should appear until the psychologically huge $100,000.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP